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Do I Need a 20% Down Payment to Buy a Home?
For many first-time homebuyers, the down payment feels like the biggest obstacle. You may have heard that you need to save 20% of the home’s price before you can buy. On a $300,000 home, that would mean bringing $60,000 for the down payment alone. Here is the good news: you usually do not need 20% down to purchase a home. Several mortgage programs allow qualified buyers to purchase with 3%, 3.5%, or even 0% down. The right option depends on your income, credit, military servi
Jae Ellison
1 day ago6 min read
Do I Need a 20% Down Payment to Buy a Home?
For many first-time homebuyers, the down payment feels like the biggest obstacle. You may have heard that you need to save 20% of the home’s price before you can buy. On a $300,000 home, that would mean bringing $60,000 for the down payment alone. Here is the good news: you usually do not need 20% down to purchase a home. Several mortgage programs allow qualified buyers to purchase with 3%, 3.5%, or even 0% down. The right option depends on your income, credit, military servi
Jae Ellison
1 day ago
When Should You Start Talking to a Mortgage Lender?
Many home buyers wait until they are ready to make an offer before talking to a mortgage lender. That may seem logical, but it can create extra stress and limit your options. The best time to speak with a lender is usually before you start seriously shopping for a home. In many cases, starting the conversation months early is even better. You do not need to have perfect credit, a large down payment, or every detail figured out. An early conversation is not a commitment to buy
Jae Ellison
Jul 12
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